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PricePanda receives three million USD from Tengelmann Group
Price comparison website PricePanda has recently secured three million USD of investment from international retail company Tengelmann Group, and other investors such as AB Kinnevik and Rocket Internet.
Founded in 2012, Southeast Asia’s famous website features thousands of products and services from more than 100 categories, such as computers, software, health and beauty, home appliances, gaming, music, movies, and much more from various merchants, according to a press release. The company plans to use this round of investment to “reshape the e-commerce landscape in further countries in the upcoming months.” So far, the platform operates in Mexico, Malaysia, Philippines, Indonesia, and Singapore.
“We are delighted to have secured this new round of funding, which will enable us to continue our growth trajectory in existing markets, expand into further countries, scale our operations, and continue to enhance our service,” says Christian Schiller, co-founder and Managing Director of PricePanda. “One and a half years later we can say: we made it! With more than 70,000 products and 1M people redirected to other stores’ websites, we have already gained a strong competitive edge in Southeast Asia.”
The website is expecting to reach 360 million users by 2020.